topic Re: Probability of tax free Social Security as promised in Social Security

Probability of tax free Social Security as promised

RaymondJ623569 — Fri, 08 Nov 2024 13:40:10 GMT

He said that Social Security won't be federally taxed....

Re: Probability of tax free Social Security as promised

GailL1 — Fri, 08 Nov 2024 17:40:16 GMT

Yep, that’s what he said - now - HOW? Probably only one way to make up the income to the Trust Funds that we will be losing - by raising the contribution limit at least some. Either that or fix the whole problem with the Trust Funds - the problem is not enough income coming in to cover the benefits - Social Security Old Age and Survivors Benefits and Medicare Part A or HI Trust Fund.

Congressional Research Report 09/23/2024 - Social Security Benefit Taxation Highlights

from the link ~

In 2023, the Social Security trust funds were credited
with $50.7 billion from the taxation of Social Security
benefits, or 3.8% of the trust funds’ total income. Also in
2023, income to the Medicare Hospital Insurance trust
fund from the taxation of Social Security benefits was
$35.0 billion, or 8.4% of the trust fund’s total income.

This CRS link is important because it explains how things work - that’s the purpose of CRS reports - to explain to all of Congress how things work currently.

Personally, I don’t think taking out any shortfall from the General Fund is a good idea - our deficit is already too high and this would make it worse UNLESS the same problem is covered there - That is to say to bring in more income.

Of course, there are other ideas along that line too but it would involve, again, bringing in more income by some other way than direct new taxation. Maybe we can expand the economy (jobs HERE) to make up a lot of our trade deficit.

Either way, it is the how and if it works that will determine the success of any changes - it is all linked together in many ways.

Fingers crossed -

Re: Probability of tax free Social Security as promised

GAKKIEZ — Sat, 09 Nov 2024 02:26:51 GMT

I don't care how they do it but they really do need to stop taxing my social security income. If they tax mine they should tax everyones! I paid in just like everyone else, planned for my retirement, made the sacrifices and now because I'm a high income earner I pay more.

I'm so tired of all the BS with the "needs based" benefit calculations! Too many didn't plan, sat on their butts, took it for granted that they would be 'taken care of'. It just shows poor planning (and yes, I still know of many that were disabled but still worked and planned for their retirement) or milking the system (I know of some that were paid 'under the table'.

Re: Probability of tax free Social Security as promised

sktn77a — Tue, 19 Nov 2024 00:12:42 GMT

Well, if he gets rid of the tax on SS, then the trust fund will just be depleted two years earlier. How does that help anybody??? And since when do tips not count as income???

Re: Probability of tax free Social Security as promised

GailL1 — Tue, 19 Nov 2024 00:23:32 GMT

Then add in a possible repeal of the WEP and GPO reductions - they are debating that now - already passed House.

Hey, what’s a few million/billion more when you can print your own money. Just prepare accordingly for the 25% decrease in benefits that’s coming about 2035 or so, give or take a few years.

What was it that Gordon, the train use to say in the Thomas the Train books

OH, THE INDIGNITY !!!!

Re: Probability of tax free Social Security as promised

GaryR262433 — Sat, 23 Nov 2024 11:32:49 GMT

so you are saying Trump promised no tax on SS just to get votes from seniors or is it because he is too incompetent to know the affects. His supporters believed him and want no tax as he promised. AARP should be calling it out if he was just scamming them.

Re: Probability of tax free Social Security as promised

GaryR262433 — Sat, 23 Nov 2024 11:34:04 GMT

Trump promised no tax on SS so he has concepts of a plan to get it done.

Re: Probability of tax free Social Security as promised

DirkB349973 — Sat, 23 Nov 2024 12:16:48 GMT

“At this festive season of the year, Mr. Scrooge,” said the gentleman, taking up a pen, “it is more than usually desirable that we should make some slight provision for the Poor and destitute, who suffer greatly at the present time. Many thousands are in want of common necessaries; hundreds of thousands are in want of common comforts, sir.”

“Are there no prisons?” asked Scrooge.

“Plenty of prisons,” said the gentleman, laying down the pen again.

“And the Union workhouses?” demanded Scrooge. “Are they still in operation?”

“They are. Still,” returned the gentleman, “I wish I could say they were not.”

“The Treadmill and the Poor Law are in full vigour, then?” said Scrooge.

“Both very busy, sir.”

“Oh! I was afraid, from what you said at first, that something had occurred to stop them in their useful course,” said Scrooge. “I’m very glad to hear it.”

“Under the impression that they scarcely furnish Christian cheer of mind or body to the multitude,” returned the gentleman, “a few of us are endeavouring to raise a fund to buy the Poor some meat and drink, and means of warmth. We choose this time, because it is a time, of all others, when Want is keenly felt, and Abundance rejoices. What shall I put you down for?”

“Nothing!” Scrooge replied.

“You wish to be anonymous?”

“I wish to be left alone,” said Scrooge. “Since you ask me what I wish, gentlemen, that is my answer. I don’t make merry myself at Christmas and I can’t afford to make idle people merry. I help to support the establishments I have mentioned—they cost enough; and those who are badly off must go there.”

“Many can’t go there; and many would rather die.”

“If they would rather die,” said Scrooge, “they had better do it, and decrease the surplus population.

Re: Probability of tax free Social Security as promised

williamb39198 — Sat, 23 Nov 2024 17:12:32 GMT

Gary…do people realize that Project 2025 is real…and believe that trump doesn’t know about it…really.

Re: Probability of tax free Social Security as promised

williamb39198 — Sat, 23 Nov 2024 15:49:37 GMT

sktn…that’s the whole point, it doesn’t help and trump wants it to go away. No funding, no SS.

Re: Probability of tax free Social Security as promised

williamb39198 — Sat, 23 Nov 2024 16:05:08 GMT

Gary…trump’s only plan is to get rid of it.

Re: Probability of tax free Social Security as promised

williamb39198 — Sat, 23 Nov 2024 16:07:38 GMT

GAK…how to fund SS then for the future?

Re: Probability of tax free Social Security as promised

williamb39198 — Sat, 23 Nov 2024 16:11:21 GMT

Dirk…could trump be substituted for Scrooge? Or is there a “Dickens for Dummies” version!…like me.

Re: Probability of tax free Social Security as promised

GailL1 — Sat, 23 Nov 2024 17:56:06 GMT

@williamb39198 wrote:
Gary…trump’s only plan is to get rid of it.

=====================

By inaction, we seem to be doing pretty good at that already.

SSA.gov - 2024 Social Security Trustee Report Summary

from the link”

Lawmakers have many options for changes that would reduce or eliminate the long-term financing shortfalls. Taking action sooner rather than later will allow consideration of a broader range of solutions and provide more time to phase in changes so that the public has adequate time to prepare.

Personally, I’m preparing for it - are you? The warning has been there at least for the last 14 + years. A 20% +/- reduction is a figure worth considering and we are already at the point where revenues are less than benefits paid.

SSA.gov - Social Security Trust Fund Data Revenues & Cost 1957 - 2023

Re: Probability of tax free Social Security as promised

GailL1 — Sat, 23 Nov 2024 18:34:04 GMT

@GaryR262433 wrote:
so you are saying Trump promised no tax on SS just to get votes from seniors or is it because he is too incompetent to know the affects. His supporters believed him and want no tax as he promised. AARP should be calling it out if he was just scamming them.

==================

Wouldn’t be the 1st time a politician promised something that couldn’t be done or if so, would be far different than what people took the meaning of the promise to be.

In government, it is always in the “HOW” that is really important.

WHO KNOW why somebody votes one way or the other - everybody has their personal reasons for doing this.

Re: Probability of tax free Social Security as promised

GaryR262433 — Sat, 23 Nov 2024 19:54:41 GMT

so basically you are saying Trump made false promises of no tax on SS checks just to get the seniors vote and has no plan or concepts of how to do it even though he promised to get it done as he says.

Re: Probability of tax free Social Security as promised

GaryR262433 — Sat, 23 Nov 2024 19:57:01 GMT

he wouldn't have promised no tax on SS if he didn't have a plan how to pay for it would he just to get the seniors votes. AARP needs to step up and publicly confront his promise.

Re: Probability of tax free Social Security as promised

GaryR262433 — Sat, 23 Nov 2024 19:59:50 GMT

I agree that is his plan but AARP isn't holding him to his promise and questioning him how he is going to get it done as he promised.

Re: Probability of tax free Social Security as promised

GaryR262433 — Sat, 23 Nov 2024 20:03:34 GMT

so he must have a plan other than to just get the seniors votes otherwise he wouldn't have promised no tax on SS checks right.

Re: Probability of tax free Social Security as promised

GaryR262433 — Sat, 23 Nov 2024 20:05:45 GMT

on Fox and Friends they questioned him how he would get no taxes on SS checks and he said he will get it done. I know it looks like another scam promise just to get the seniors votes.